US home prices rise at fastest pace since 2006

By Qiong (June) Zhang99 Comments

U.S. home prices rose in August from a year earlier at the fastest pace since February 2006. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 12.8% over the 12 months ending in August. That’s up from 12.4% in July from a year earlier. All 20 cities showed year-over-year gains (The Case-Shiller 20-city index covers roughly half of U.S. homes).

However, a measure of month-over-month prices for the 20 cities rose just 1.3% in August. That’s’ down from a 1.8% month-over-month gain in July. And 16 of the 20 cities reported more modest price increases in August than in July.

Prices in Las Vegas rose 29.2% from a year earlier, the fastest pace in the nation. But they are still 47% lower than they were before the housing market collapsed.

Prices in Denver and Dallas hit record levels in August. None of the other cities have returned to where they were before the real estate collapse.

Average home prices are only back to mid-2004 levels and 22% below their April 2006 peak.

And many of the cities are seeing their gains slow.

Prices in San Francisco increased 0.9% in August, down from a 2.2% monthly increase in July.

Despite rising for 26 straight months, prices in Detroit are still lower than they were in January 2000.

Contingent Macro Advisors economists Maninder Sibia and Steven Wood said housing inventory was only 83% of normal levels. They expect the supply to increase as rising prices encourage home owners to put their houses on the market.


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